Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
NJ Legislature Considering Another Non-Residential Development Fee Moratorium
Author: Scarinci Hollenbeck, LLC
Date: June 18, 2014
Key Contacts
Back
The New Jersey Legislature is currently considering a bill that would suspend the imposition of development fees on non-residential construction projects. Like previous moratoriums, the goal is to encourage the development of commercial projects throughout New Jersey.
Pursuant to the Statewide Non-residential Development Fee Act, the amount of the development fee is equal to 2.5 percent of a project’s equalized assessed value including land and improvements. The fee must be paid by the commercial project developer prior to the issuance of a certificate of occupancy.
The law has been suspended several times since it was first passed in 2008. A previous moratorium suspended the collection of such fees until July 1, 2013. However, it lapsed when Gov. Chris Christie conditionally vetoed a bill last year that also included the “New Jersey Residential Foreclosure Transformation Act.”
The Latest Moratorium Proposal
Under the latest proposal (A-2542), the moratorium would be extended through December 31, 2015. The bill also provides that:
- Municipalities are required to return any monies paid during the time period commencing on July 1, 2013 through the effective date of the bill due to the previous expiration of the moratorium.
- If monies are eligible to be returned under the bill, a developer shall file a claim within 120 days of the bill’s effective date and the municipality must promptly review the claim and return the fee to the developer within 30 days of the claim.
- Municipalities that are eligible to collect non-residential development fees would not be required to refund monies that have already been expended by the municipality on affordable housing projects.
Earlier this month, the bill was released by the Assembly Budget Committee. A companion bill is pending in the Senate. We will continue to track the status of this legislation and provide updates as they become available.
If you have any questions about this post or would like to discuss your company’s development projects, please contact me, Victor Kinon, or the Scarinci Hollenbeck attorney with whom you work.
- Industries: Real Estate
- Practices: Commercial Real Estate, Commercial Leasing
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Understanding Portability for Estate and Gift Tax
Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]
Author: Marc J. Comer
Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool
For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]
Author: Marc J. Comer
How Can Trusts Be Used in Business Succession?
For many New Jersey business owners, a closely held company represents decades of work, financial investment, and personal sacrifice. Trusts in business succession planning are one of the most effective tools for protecting that value, allowing founders to control how and when the business passes to the next generation while reducing the risk of disputes, […]
Author: George McGowan
Read Before You Sign: IT Contract Pitfalls Every NJ Business Should Know
In today’s digital economy, New Jersey businesses of all sizes rely heavily on technology vendors, software providers, cloud platforms, and managed IT services. Whether your company is purchasing software, migrating data to the cloud, engaging a cybersecurity consultant, or entering into a long-term managed services agreement, a careful IT contract review can have significant operational, […]
Author: George McGowan
New York NDA Requirements for Businesses
Non-disclosure agreements (NDAs) remain a critical tool for protecting sensitive business information. However, New York NDA requirements have evolved, and businesses must ensure these agreements are carefully drafted to remain enforceable. In a competitive market like New York City, NDAs are commonly used to protect proprietary information, client relationships, and strategic plans. At the same […]
Author: Dan Brecher
New Jersey Will Contest Grounds Explained
How Courts Evaluate Testamentary Capacity and Undue Influence Will contests in New Jersey are difficult to win, given the strong presumption that a properly executed will reflects the testator’s intent. However, challenges based on lack of testamentary capacity and undue influence remain common, particularly where there are concerns about mental capacity or the involvement of […]
Author: Marc J. Comer
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.